Spanish Economy Sectors Quiz

The Spanish Real Estate Bubble

• The Spanish real estate sector was the first to experience the crisis due to a speculative bubble, where housing prices skyrocketed due to speculation.
• Between 1998 and 2007, several factors boosted housing demand, including economic expansion, decreasing unemployment, and lower interest rates after Spain joined the eurozone.

Causes of the Bubble Burst

• In 2008, the bubble burst, and housing sales plummeted.
• Causes of the burst included high housing prices, reduced family borrowing capacity, a large stock of unsold homes, increasing interest rates by the European Central Bank, and credit restrictions by banks.

Consequences of the Crisis

• The construction sector suffered heavy losses, and many companies went bankrupt.
• Unemployment increased, and mortgage payments became unaffordable for many.

Social Unrest and the Indignados Movement

• The economic crisis triggered a social crisis, with unemployment becoming the top concern among Spaniards, surpassing terrorism.
• In 2011, peaceful protests were organized through social media, giving rise to the "15-M movement" and the "Indignados".

Transformations and Concerns

• Spanish society has undergone significant changes, including increased independence and rights for women, new family models, and a declining birth rate.
• The society is multicultural, with around 13% of the population consisting of immigrants, mainly from Latin America, Morocco, and Romania.

Economic Concerns

• Top concerns among Spaniards include unemployment, economic problems, and healthcare.
• A significant issue is gender-based violence, with a growing number of cases, including in domestic settings.

Spanish Economy

• Traditionally, Spain is an agricultural country and a major producer and exporter of agricultural products like olive oil, wine, and citrus fruits.
• The tourism industry has been a pillar of the Spanish economy since the 1970s, attracting more visitors each year due to cultural richness, infrastructure, healthcare, cleanliness, and security.
• However, the sector faces structural problems, including high unemployment and temporary employment.

Test your knowledge on the main sectors of the Spanish economy, including agriculture, tourism, and fishing. Learn about Spain's role as a top producer and exporter of agricultural products like olive oil and wine, as well as the significance of tourism for the country's economy.